If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.

Is your business next?

House Democrats are probing the nation’s largest insurance companies

for lavish spending, demanding reams of compensation data and schedules of retreats and conferences.

Letters sent to 52 insurance companies by Democratic leaders demand extensive documents for an examination of ‘extensive compensation and other business practices in the health insurance industry.” The letters set a deadline of Sept. 14 for the documents.

Rep. Henry Waxman (D-Calif.), chairman of the House Energy and Commerce Committee, and Rep. Bart Stupak (D-Mich.), chairman of the Subcommittee on Oversight and Investigations, signed the three-page letter dated Monday.

An industry source replied when asked for comment: “This is nothing more than a taxpayer-funded fishing expedition designed to silence health plans."

By Sept. 4, the firms are supposed to supply detailed compensation data for board members and top executives, as well as a “table listing all conferences, retreats, or other events held outside company facilities from January 1, 2007, to the present that were paid for, reimbursed, or subsidized in whole or in part by your company.”

For employees

or officers making $500,000 or more, the committee wants information on salary, bonus, options and pension.

And by Sept. 14, the firms are supposed to provide copies of reports from compensation consultants, plus board drafts of compensation plans and information about market share.

They do not have the authority to demand that information unless it was included in legislation authorizing tax-payer bailout money that went to some of those companies.

The politico reference was very vague and non-specific, nor did it mention much of what was mentioned in the post. (slavery?)

I think congress is trying to avoid more embarassment in regards to giving our money (taxpayers) to lavish bonuses and more jets, etc...

If a company earns it's profits, I have no problem with them buying a fleet of jets with silk toilet paper....but if my tax money went to bail them out, they can ride the train like I did to work, until they pay me back and make a profit.

They do not have the authority to demand that information unless it was included in legislation authorizing tax-payer bailout money that went to some of those companies.

The politico reference was very vague and non-specific, nor did it mention much of what was mentioned in the post. (slavery?)

I think congress is trying to avoid more embarassment in regards to giving our money (taxpayers) to lavish bonuses and more jets, etc... If a company earns it's profits, I have no problem with them buying a fleet of jets with silk toilet paper....but if my tax money went to bail them out, they can ride the train like I did to work, until they pay me back and make a profit.

You mean like the Jets Congress is buying??

BTW---Tell me how Congress (the house & the senate) has earned 1 dime from us??

BTW---Tell me how Congress (the house & the senate) has earned 1 dime from us??

No argument from me on that one. Greed and corruption certainly aren't limited to private business, or any particular party.

No idea what you're referring to in the second comment. I pay my taxes only because I have to, or they'll take me away! I was referring to private companies earning profits....which they can do whatever they want to with.